On January 10, 2022, Kaunas District Municipality received a permit for the logistics center of UAB Tamro, a pharmaceutical wholesale distribution company and the manager of BENU pharmacies, in the territory of the Kaunas Free Economic Zone (LEZ). The “build-to-suit” construction project of the logistics center is managed by the investment company UAB Eika Asset Management (EAM) and the fund UAB Eika Real Estate Fund (EREF). The completed building will remain in the ownership of this fund, the investment amount is not disclosed. The completion of the project is planned in a year, in the fourth quarter of 2022.
In May 2021, Tamro entered into a deal with Eika Real Estate Fund, a fund managed by EAM, for the development and long-term lease of a build-to-suit building in Kaunas district. The fund also acquired a building owned by Tamro in Kaunas. The tenant is scheduled to move into the new building in the first quarter of 2023. According to EAM CEO Viktorija Orkinė, build-to-suit projects are popular because tenants receive the product they need, i.e. they do not need to adapt to the existing situation in an already built building, they can effectively use the space, foresee both technical solutions and contractual steps for possible expansion in advance, and do not have to think about moving for a long time.
The ability to develop projects ourselves or create added value to real estate through conversions is our strength and the uniqueness of Eika Real Estate Fund compared to other market players who invest in already developed real estate. At the same time, we maintain a balance between buildings under development and those already generating a steady flow based on long-term lease agreements, thus ensuring the diversification and security of the assets managed by the fund,” says Viktorija Orkinė.
According to Tamros CEO Rasa Montvilė, the company’s new premises were designed to meet the highest expectations not only in terms of comfort, infrastructure and location, but also in terms of “greenness”. The building will be of A++ energy efficiency class, it will generate part of its own energy – a 500 kW solar power plant is planned on the roof of the building, and heat will be supplied to it from the Kaunas cogeneration power plant. In addition, electric car charging stations will be installed in the parking lot.
“Our priority, of course, is the comprehensive fulfillment of employees’ needs and the highest quality product storage conditions. Therefore, the premises with a minimalist, cozy interior will not only be ergonomic and highly functional, but will also have the most “smart” ventilation, air conditioning and dehumidification systems. We emphasized to the project developers how important the sustainability aspect is to us – that the building meets the highest energy efficiency class and the requirements of the international sustainable building standard “BREEAM”, – says R. Montvilė.
In addition to the current Tamra logistics center in Kaunas and the new logistics center development project in Kaunas FEZ, EREF’s investment portfolio includes the Highway business center and Audi and Volkswagen car dealerships in Vilnius, the DHL express delivery terminal in the Vilnius Airport area, and the ViaCon Baltic production base in Kaunas district. EREF is the second real estate fund managed by EAM that invests in commercial properties. EREF invests in classic commercial properties – office buildings, shopping centers, and logistics or light industry facilities in the CEE region. The fund is intended for informed investors, and EIKA Group capital is also invested alongside external investors.